Stingray Announces Completion of TuneIn Acquisition

Executive Summary

• Stingray Group Inc. completed its previously announced acquisition of TuneIn Holdings, Inc., satisfying all closing conditions.
• Total consideration is up to US $175 million (US $150 million cash at closing plus a contingent US $25 million payment 12 months later).
• The deal was financed with a US $150 million term loan under Stingray’s renewed credit facility.

Key Details

• Transaction Value: Up to US $175 million in cash.
• Payment Structure: US $150 million paid at closing; an additional up‑to‑US $25 million payable 12 months post‑closing, contingent on agreed conditions.
• Financing: Funded through a US $150 million term loan under Stingray’s renewed credit facility.
• Advisors – Stingray: National Bank Capital Markets (financial advisor); Davies Ward Phillips & Vineberg LLP (legal counsel).
• Advisors – TuneIn: Houlihan Lokey Capital, Inc. (financial advisor); Skadden, Arps, Slate, Meagher & Flom LLP (legal counsel).
• Strategic Rationale (CEO Quote): The acquisition strengthens Stingray’s market position in the global audio landscape, expands reach to millions of new listeners, and creates significant growth opportunities.

Notable Quotes

“We are delighted to complete this strategic acquisition and officially welcome the TuneIn team to Stingray,” said Eric Boyko, President, Co‑Founder and CEO of Stingray. “The combination strengthens our market position in the global audio landscape, expands our reach to millions of new listeners, and creates significant new opportunities for expansion.”